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BOC exceeds May 2017 collection target

The Bureau of Customs (BOC) exceeded its collection target for May by 3.4 percent from the P38.28 billion target revenue set for the period.

The BOC Financial Service said the bureau collected P39.6 billion in revenue, or P1.3 billion higher from its collection goal for the month.

Also, the May collection was 23.5 percent higher, or P7.52 billion more than the figures reported during the same period last year.

From January to May this year, the BOC collected P176 billion, 1.5 percent short of the year-to-date target of P179.08 billion. The amount, however, was 13.6 percent higher than the P155.26 billion reported during the same period in 2016.

The BOC said the improved collection performance was largely due to higher oil prices in 2017, and increase in volume and value of imports by 19.7% and 28.3% respectively.

Likewise, the foreign exchange rate has increased from P47.05 in 2016 to P49.9 in 2017, thereby resulting in higher revenue yields.

The BOC attributed last month’s good revenue performance to improved collections by the bureau’s 11 district ports:

The Port of San Fernando collected P248 million, up by 26.8 percent from the P195.8 million target revenue

The Port of Manila collected P6.135 billion, up by 0.6 percent from the P6.101 billion target revenue

The Manila International Container Port collected P12.08 billion, up by 2.4 percent from the P11.80 billion target revenue